Washington | 000-5513 | 02-0592619 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | Description |
99.1 | English translation of Tanshin dated March 25, 2014. |
ACUCELA INC. | ||
By: | /s/ David L. Lowrance | |
David L. Lowrance | ||
Date: March 25, 2014 | Chief Financial Officer, Treasurer and Secretary |
Exhibit Number | Description |
99.1 | English translation of Tanshin dated March 25, 2014. |
Company name: | Acucela Inc. |
Representative: | Ryo Kubota, Chairman, President and CEO |
Code No.: | 4589, TSE Mothers |
Person to contact: | Tomomi Sukagawa, Director of Investor Relations & Comunications Japan Office, Acucela Inc. TEL: 81-3-5789-5872 (main) |
Attorney in fact: | Ken Takahashi, Attorney at law Baker & McKenzie (Gaikokuho Joint Enterprise) TEL: 81-3-6271-9900 |
Revenues from collaborations with a related party | Operating income | Income before income tax | Net Income | ||||||||||||
FY2013 | 52,878 (5,572,812) | 14 | % | 6,818 (718,549) | -3 | % | 7,004 (738,151) | 3 | % | 4,186 (441,162) | 0 | % | |||
FY2012 | 46,424 (4,892,625) | 36 | % | 7,033 (741,207) | 82 | % | 6,825 (719,286) | 80 | % | 4,178 (440,319) | -33 | % |
Basic earnings per share | Diluted earnings per share | Net income to equity ratio | Ratio of income before income tax to total assets | Ratio of operating income to revenues from collaborations with a related party | |||||
FY2013 | 0.09 (9) | 0.09 (9) | 13% | 13% | 13% | ||||
FY2012 | 0.09 (9) | 0.09 (9) | 16% | 15% | 15% |
Total assets | Net assets | Shareholders’ equity | Shareholders’ equity ratio | Shareholders' equity per share | ||||||
As of December 31, 2013 | 54,792 (5,774,525) | 31,046 (3,271,936) | 31,046 (3,271,936) | 57 | % | 2.59 (273) | ||||
As of December 31, 2012 | 47,024 (4,955,854) | 25,607 (2,698,718) | 25,607 (2,698,718) | 54 | % | 2.15 (227) |
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of year | ||||
FY2013 | 7,219 | -6,582 | -3,283 | 13,993 | |||
(760,811) | (-693,677) | (-345,996) | (1,474,722) | ||||
FY2012 | 11,246 | -3,743 | -624 | 16,639 | |||
(1,185,208) | (-394,475) | (-65,764) | (1,753,584) |
Revenues from collaborations with a related party | Operating income | Income before income tax | Net Income | ||||||||||||
FY2013 | 52,947 (5,580,084) | 14 | % | 6,994 (737,097) | -1 | % | 7,182 (756,910) | 5 | % | 4,299 (453,071) | 3 | % | |||
FY2012 | 46,424 (4,892,625) | 36 | % | 7,033 (741,207) | 82 | % | 6,825 (719,286) | 80 | % | 4,178 (440,319) | -33 | % |
Basic earnings per share | Diluted earnings per share | Net income to equity ratio | Ratio of income before income tax to total assets | Ratio of operating income to revenues from collaborations with a related party | |||||
FY2013 | 0.10 (10) | 0.09 (9) | 14% | 13% | 13% | ||||
FY2012 | 0.09 (9) | 0.09 (9) | 16% | 15% | 15% |
Total assets | Net assets | Shareholders’ equity | Shareholders’ equity ratio | Shareholders' equity per share | ||||||
As of December 31, 2013 | 54,048 (5,696,114) | 31,124 (3,280,156) | 31,124 (3,280,156) | 58 | % | 2.60 (274) | ||||
As of December 31, 2012 | 47,024 (4,955,854) | 25,607 (2,698,718) | 25,607 (2,698,718) | 54 | % | 2.15 (227) |
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of year | ||||
FY2013 | 7,246 | -6,581 | -3,310 | 13,994 | |||
(763,655) | (-693,571) | (-348,841) | (1,474,827) | ||||
FY2012 | 11,246 | -3,743 | -624 | 16,639 | |||
(1,185,208) | (-394,475) | (-65,764) | (1,753,584) |
Year Ended December 31, | Change | |||||||||||||
2013 | 2012 | $ | % | |||||||||||
Emixustat | $39,118 | $19,328 | $19,790 | 102 | % | |||||||||
(4,122,646) | (2,036,978) | (2,085,668) | ||||||||||||
Rebamipide | $12,270 | $18,987 | $(6,717) | (35 | )% | |||||||||
(1,293,135) | (2,001,040) | ((707,905)) | ||||||||||||
OPA-6566 | $1,490 | $8,108 | $(6,618) | (82 | )% | |||||||||
(157,031) | (854,502) | ((697,471)) |
Year Ended December 31, | Change | |||||||||||||
2013 | 2012 | $ | % | |||||||||||
Internal Research | $2,593 | $2,515 | $78 | 3 | % | |||||||||
(273,276) | (265,056) | (8,220) | ||||||||||||
Emixustat | $25,788 | $13,707 | $12,081 | 88 | % | |||||||||
(2,717,797) | (1,444,581) | (1,273,217) | ||||||||||||
Rebampide | $7,185 | $9,823 | $(2,638) | (27 | )% | |||||||||
(757,227) | (1,035,246) | ((278,019)) | ||||||||||||
OPA-6566 | $1,250 | $5,559 | $(4,309) | (78 | )% | |||||||||
(131,738) | (585,863) | ((454,126)) | ||||||||||||
DR/DME | $124 | $0 | $124 | 100 | % | |||||||||
(13,068) | 0 | (13,068) |
December 31, 2012 | December 31, 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Net income | 4,178 | 440,319 | 4,186 | 441,162 | |||
Net income attributable to participating securities | 3,056 | 322,071 | 3,056 | 322,071 | |||
Net income attributable to common shareholders | 1,122 | 118,247 | 1,130 | 119,090 | |||
Net income per share attributable to common shareholders | |||||||
Basic | 0.09 | 9 | 0.09 | 9 | |||
Diluted | 0.09 | 9 | 0.09 | 9 | |||
Weighted average shares used to compute net income per share attributable to common shareholders (in thousand shares): | |||||||
Basic | 11,901 | 11,964 | |||||
Diluted | 12,158 | 12,355 |
Year Ended December 31, | Change | |||||||||||||
2013 | 2012 | $ | % | |||||||||||
Emixustat | $39,186 | $19,328 | $19,858 | 103 | % | |||||||||
(4,129,813) | (2,036,978) | (2,092,835) | ||||||||||||
Rebamipide | $12,271 | $18,987 | $(6,716) | (35 | )% | |||||||||
(1,293,240) | (2,001,040) | ((707,800)) | ||||||||||||
OPA-6566 | $1,490 | $8,108 | $(6,618) | (82 | )% | |||||||||
(157,031) | (854,502) | ((697,471)) |
Year Ended December 31, | Change | |||||||||||||
2013 | 2012 | $ | % | |||||||||||
Internal Research | $2,555 | $2,515 | $40 | 2 | % | |||||||||
(269,271) | (265,056) | (4,215) | ||||||||||||
Emixustat | $25,414 | $13,707 | $11,707 | 85.4 | % | |||||||||
(2,678,382) | (1,444,581) | (1,233,800) | ||||||||||||
Rebamipide | $7,081 | $9,823 | $(2,742) | (27.9 | )% | |||||||||
(746,267) | (1,035,246) | ((288,980)) | ||||||||||||
OPA-6566 | $1,232 | $5,559 | $(4,327) | (77.8 | )% | |||||||||
(129,840) | (585,863) | ((456,023)) | ||||||||||||
DR/DME | $123 | $0 | $123 | 100 | % | |||||||||
(12,962) | 0 | (12,962) |
December 31, 2012 | December 31, 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Net income | 4,178 | 440,319 | 4,299 | 453,071 | |||
Net income attributable to participating securities | 3,056 | 322,071 | 3,138 | 330,713 | |||
Net income attributable to common shareholders | 1,122 | 118,247 | 1,161 | 122,357 | |||
Net income per share attributable to common shareholders | |||||||
Basic | 0.09 | 9 | 0.10 | 10 | |||
Diluted | 0.09 | 9 | 0.09 | 9 | |||
Weighted average shares used to compute net income per share attributable to common shareholders (in thousand shares): | |||||||
Basic | 11,901 | 11,964 | |||||
Diluted | 12,158 | 12,355 |
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
Cash flows provided by operating activities | $7,219 | $11,246 | |||||
760,811 | (1,185,208) | ||||||
Cash flows used in investing activities | $(6,582) | $(3,743) | |||||
((693,677)) | ((394,475)) | ||||||
Cash flows used in financing activities | $(3,283) | $(624) | |||||
((345,996)) | ((65,764)) |
FY2012 | FY2013 | ||||
Stockholders’ equity ratio (%) | 54 | % | 57 | % | |
Stockholders’ equity ratio based on market prices (%) | 738 | % | 1,365 | % | |
Debt to annual cash flow ratio (%) | 1.07 | 1.66 | |||
Interest coverage ratio (times) | 26.78 | – |
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
Cash flows provided by operating activities | $7,246 | $11,246 | |||||
(763,655 | ) | (1,185,208) | |||||
Cash flows used in investing activities | $(6,581) | $(3,743) | |||||
((693,571)) | ((394,475)) | ||||||
Cash flows used in financing activities | $(3,310) | $(624) | |||||
((348,841)) | ((65,764)) |
FY2012 | FY2013 | ||||
Stockholders’ equity ratio (%) | 54 | % | 58 | % | |
Stockholders’ equity ratio based on market prices (%) | 738 | % | 1,384 | % | |
Debt to annual cash flow ratio | 1.07 | 1.66 | |||
Interest coverage ratio (times) | 26.78 | – |
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
US$ | JPY | US$ | JPY | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 16,639 | 1,753,584 | 13,993 | 1,474,722 | |||||||
Investments | 6,927 | 730,036 | 14,947 | 1,575,264 | |||||||
Restricted investments | 5,009 | 527,898 | — | — | |||||||
Accounts receivable from collaborations with a related party | 8,700 | 916,893 | 10,464 | 1,102,800 | |||||||
Deferred tax asset | 770 | 81,150 | 770 | 81,150 | |||||||
Prepaid expenses and other current assets | 1,521 | 160,298 | 2,430 | 256,097 | |||||||
Total current assets | 39,566 | 4,169,859 | 42,604 | 4,490,033 | |||||||
Property and equipment, net | 1,143 | 120,460 | 1,113 | 117,299 | |||||||
Long-term investment | 3,478 | 366,546 | |||||||||
Restricted long-term investments | 750 | 79,042 | |||||||||
Long-term deferred tax asset | 3,895 | 410,494 | 1,699 | 179,057 | |||||||
Deferred offering costs | 1,199 | 126,362 | 5,548 | 584,703 | |||||||
Other assets | 471 | 49,637 | 350 | 36,887 | |||||||
Total assets | 47,024 | 4,955,854 | 54,792 | 5,774,525 | |||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Current maturities of contingently convertible debt, related party | 6,500 | 685,035 | 12,000 | 1,264,680 | |||||||
Accounts payable | 735 | 77,461 | 754 | 79,464 | |||||||
Accrued liabilities | 3,109 | 327,657 | 7,079 | 746,055 | |||||||
Accrued compensation | 2,413 | 254,306 | 3,337 | 351,686 | |||||||
Deferred revenue from collaborations with a related party | 570 | 60,072 | 254 | 26,769 | |||||||
Deferred rent and lease incentives | 249 | 26,242 | 267 | 28,139 | |||||||
Total current liabilities | 13,576 | 1,430,774 | 23,691 | 2,496,793 | |||||||
Commitments | |||||||||||
Long-term deferred rent, lease incentives, and others | 341 | 35,937 | 55 | 5,796 | |||||||
Long-term deferred revenue from collaborations with a related party | 2,000 | 210,780 | — | — | |||||||
Long-term contingently convertible debt, related party | 5,500 | 579,645 | — | — | |||||||
Total long-term liabilities | 7,841 | 826,362 | 55 | 5,796 | |||||||
Shareholders’ equity: | |||||||||||
Convertible preferred stock, no par value, 52,453 shares authorized: | |||||||||||
Series A, no par value, 2,734 shares authorized, issued, and outstanding (liquidation value of $2,051) | 2,051 | 216,154 | 2,051 | 216,154 | |||||||
Series B, no par value, 17,900 shares authorized, issued, and outstanding (liquidation value of $13,425) | 13,387 | 1,410,855 | 13,387 | 1,410,855 | |||||||
Series C, no par value, 31,818 shares authorized, 11,807 shares issued and outstanding (liquidation value of $12,988) | 12,771 | 1,345,935 | 12,771 | 1,345,935 | |||||||
Common stock, no par value, 60,000 shares authorized; 11,910 and 11,972 shares issued and outstanding as of December 31, 2012 and 2013, respectively | 3,192 | 336,404 | 3,654 | 385,095 | |||||||
Additional paid-in capital | 1,965 | 207,091 | 2,766 | 291,508 | |||||||
Accumulated other comprehensive loss | — | — | (10 | ) | (1,053 | ) | |||||
Accumulated deficit | (7,759 | ) | (817,721 | ) | (3,573 | ) | (376,558 | ) | |||
Total shareholders’ equity | 25,607 | 2,698,718 | 31,046 | 3,271,936 | |||||||
Total liabilities and shareholders’ equity | 47,024 | 4,955,854 | 54,792 | 5,774,525 |
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
US$ | JPY | US$ | JPY | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 16,639 | 1,753,584 | 13,994 | 1,474,827 | |||||||
Investments | 6,927 | 730,036 | 14,947 | 1,575,264 | |||||||
Restricted investments | 5,009 | 527,898 | — | — | |||||||
Accounts receivable from collaborations with a related party | 8,700 | 916,893 | 10,262 | 1,081,512 | |||||||
Deferred tax asset | 770 | 81,150 | 1,114 | 117,404 | |||||||
Prepaid expenses and other current assets | 1,521 | 160,298 | 1,964 | 206,985 | |||||||
Total current assets | 39,566 | 4,169,859 | 42,281 | 4,455,992 | |||||||
Property and equipment, net | 1,143 | 120,460 | 1,112 | 117,193 | |||||||
Long-term investment | — | — | 3,478 | 366,546 | |||||||
Restricted long-term investments | 750 | 79,042 | — | — | |||||||
Long-term deferred tax asset | 3,895 | 410,494 | 1,280 | 134,899 | |||||||
Deferred offering costs | 1,199 | 126,362 | 5,548 | 584,703 | |||||||
Other assets | 471 | 49,637 | 349 | 36,781 | |||||||
Total assets | 47,024 | 4,955,854 | 54,048 | 5,696,114 | |||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Current maturities of contingently convertible debt, related party | 6,500 | 685,035 | 12,000 | 1,264,680 | |||||||
Accounts payable | 735 | 77,461 | 754 | 79,464 | |||||||
Accrued liabilities | 3,109 | 327,657 | 6,579 | 693,360 | |||||||
Accrued compensation | 2,413 | 254,306 | 3,269 | 344,519 | |||||||
Deferred revenue from collaborations with a related party | 570 | 60,072 | — | — | |||||||
Deferred rent and lease incentives | 249 | 26,242 | 267 | 28,139 | |||||||
Total current liabilities | 13,576 | 1,430,774 | 22,869 | 2,410,162 | |||||||
Commitments | |||||||||||
Long-term deferred rent, lease incentives, and others | 341 | 35,937 | 55 | 5,796 | |||||||
Long-term deferred revenue from collaborations with a related party | 2,000 | 210,780 | — | — | |||||||
Long-term contingently convertible debt, related party | 5,500 | 579,645 | — | — | |||||||
Total long-term liabilities | 7,841 | 826,362 | 55 | 5,796 | |||||||
Shareholders’ equity: | |||||||||||
Convertible preferred stock, no par value, 52,453 shares authorized: | |||||||||||
Series A, no par value, 2,734 shares authorized, issued, and outstanding (liquidation value of $2,051) | 2,051 | 216,154 | 2,051 | 216,154 | |||||||
Series B, no par value, 17,900 shares authorized, issued, and outstanding (liquidation value of $13,425) | 13,387 | 1,410,855 | 13,387 | 1,410,855 | |||||||
Series C, no par value, 31,818 shares authorized, 11,807 shares issued and outstanding (liquidation value of $12,988) | 12,771 | 1,345,935 | 12,771 | 1,345,935 | |||||||
Common stock, no par value, 60,000 shares authorized; 11,910 and 11,972 shares issued and outstanding as of December 31, 2012 and 2013, respectively | 3,192 | 336,404 | 3,654 | 385,095 | |||||||
Additional paid-in capital | 1,965 | 207,091 | 2,728 | 287,503 | |||||||
Accumulated other comprehensive loss | — | — | (7 | ) | (737 | ) | |||||
Accumulated deficit | (7,759 | ) | (817,721 | ) | (3,460 | ) | (364,649 | ) | |||
Total shareholders’ equity | 25,607 | 2,698,718 | 31,124 | 3,280,156 | |||||||
Total liabilities and shareholders’ equity | 47,024 | 4,955,854 | 54,048 | 5,696,114 |
Year Ended December 31, | Year Ended December 31, | ||||||
2012 | 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Revenues from collaborations with a related party | 46,424 | 4,892,625 | 52,878 | 5,572,812 | |||
Expenses: | |||||||
Research and development | 31,604 | 3,330,745 | 36,940 | 3,893,106 | |||
General and administrative | 7,787 | 820,671 | 9,120 | 961,156 | |||
Total expenses | 39,391 | 4,151,417 | 46,060 | 4,854,263 | |||
Income from operations | 7,033 | 741,207 | 6,818 | 718,549 | |||
Other income (expense), net: | |||||||
Interest income | 27 | 2,845 | 122 | 12,857 | |||
Interest expense | (138) | (14,543) | (116) | (12,225) | |||
Other income (expense), net | (97) | (10,222) | 180 | 18,970 | |||
Total other expense, net | (208) | (21,921) | 186 | 19,602 | |||
Income before income tax | 6,825 | 719,286 | 7,004 | 738,151 | |||
Income tax benefit (expense) | (2,647) | (278,967) | (2,818) | (296,989) | |||
Net income | 4,178 | 440,319 | 4,186 | 441,162 | |||
Net income attributable to participating securities | 3,056 | 322,071 | 3,056 | 322,071 | |||
Net income attributable to common shareholders | 1,122 | 118,247 | 1,130 | 119,090 | |||
Net income per share attributable to common shareholders | |||||||
Basic | 0.09 | 9 | 0.09 | 9 | |||
Diluted | 0.09 | 9 | 0.09 | 9 | |||
Weighted average shares used to compute net income per share attributable to common shareholders: | |||||||
Basic | 11,901 | 11,964 | |||||
Diluted | 12,158 | 12,355 |
Year Ended December 31, | Year Ended December 31, | ||||||
2012 | 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Revenues from collaborations with a related party | 46,424 | 4,892,625 | 52,947 | 5,580,084 | |||
Expenses: | |||||||
Research and development | 31,604 | 3,330,745 | 36,405 | 3,836,722 | |||
General and administrative | 7,787 | 820,671 | 9,548 | 1,006,263 | |||
Total expenses | 39,391 | 4,151,417 | 45,953 | 4,842,986 | |||
Income from operations | 7,033 | 741,207 | 6,994 | 737,097 | |||
Other income (expense), net: | |||||||
Interest income | 27 | 2,845 | 122 | 12,857 | |||
Interest expense | (138) | (14,543) | (116) | (12,225) | |||
Other income (expense), net | (97) | (10,222) | 182 | 19,180 | |||
Total other expense, net | (208) | (21,921) | 188 | 19,813 | |||
Income before income tax | 6,825 | 719,286 | 7,182 | 756,910 | |||
Income tax benefit (expense) | (2,647) | (278,967) | (2,883) | (303,839) | |||
Net income | 4,178 | 440,319 | 4,299 | 453,071 | |||
Net income attributable to participating securities | 3,056 | 322,071 | 3,138 | 330,713 | |||
Net income attributable to common shareholders | 1,122 | 118,247 | 1,161 | 122,357 | |||
Net income per share attributable to common shareholders | |||||||
Basic | 0.09 | 9 | 0.10 | 10 | |||
Diluted | 0.09 | 9 | 0.09 | 9 | |||
Weighted average shares used to compute net income per share attributable to common shareholders: | |||||||
Basic | 11,901 | 11,964 | |||||
Diluted | 12,158 | 12,355 |
Year Ended December 31, | Year Ended December 31, | ||||||
2012 | 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Net income | 4,178 | 440,319 | 4,186 | 441,162 | |||
Other comprehensive income: | |||||||
Net unrealized gain on securities | 6 | 632 | (10) | (1,053) | |||
Comprehensive income | 4,184 | 440,951 | 4,176 | 440,108 |
Year Ended December 31, | Year Ended December 31, | ||||||
2012 | 2013 | ||||||
US$ | JPY | US$ | JPY | ||||
Net income | 4,178 | 440,319 | 4,299 | 453,071 | |||
Other comprehensive income: | |||||||
Net unrealized gain on securities | 6 | 632 | (7) | (737) | |||
Comprehensive income | 4,184 | 440,951 | 4,292 | 452,333 |
Convertible Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||
Series A | Series B | Series C | Common Stock | |||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||
Balance at December 31, 2011 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,899 | 3,133 | 1,441 | (6) | (11,937) | 20,840 |
(216,154) | (1,410,855) | (1,345,935) | (330,186) | (151,866) | ((632)) | ((1,258,040)) | (2,196,324) | |||||
Stock-based compensation | – | – | – | – | – | – | – | – | 524 | – | – | 524 |
(–) | (–) | (–) | (–) | (55,225) | (–) | (–) | (55,225) | |||||
Common stock issued in connection with stock option exercises | – | – | – | – | – | – | 5 | 2 | – | – | – | 2 |
(–) | (–) | (–) | (211) | (–) | (–) | (–) | (211) | |||||
Common stock issued in connection with the restricted stock purchase agreement | – | – | – | – | – | – | 6 | 57 | – | – | – | 57 |
(–) | (–) | (–) | (6,007) | (–) | (–) | (–) | (6,007) | |||||
Net income | – | – | – | – | – | – | – | – | – | – | 4,178 | 4,178 |
(–) | (–) | (–) | (–) | (–) | (–) | (440,319) | (440,319) | |||||
Unrealized gain on marketable securities available for sale | – | – | – | – | – | – | – | – | – | 6 | – | 6 |
(–) | (–) | (–) | (–) | (–) | (632) | (–) | (632) | |||||
Balance at December 31, 2012 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,910 | 3,192 | 1,965 | – | (7,759) | 25,607 |
(216,154) | (1,410,855) | (1,345,935) | (336,404) | (207,091) | (–) | ((817,721)) | (2,698,718) | |||||
Stock-based compensation | – | – | – | – | – | – | – | – | 678 | – | – | 678 |
(–) | (–) | (–) | (–) | (71,455) | (–) | (–) | (71,455) | |||||
Tax benefit from stock compensation | – | – | – | – | – | – | – | – | 123 | – | – | 123 |
(–) | (–) | (–) | (–) | (12,962) | (–) | (–) | (12,962) | |||||
Common stock issued in connection with stock option exercises | – | – | – | – | – | – | 30 | 6 | – | – | – | 6 |
(–) | (–) | (–) | (632) | (–) | (–) | (–) | (632) | |||||
Common stock issued in connection with the restricted stock purchase agreement | – | – | – | – | – | – | 31 | 456 | – | – | – | 456 |
(–) | (–) | (–) | (48,059) | (–) | (–) | (–) | (48,059) | |||||
Net income | – | – | – | – | – | – | – | – | – | – | 4,186 | 4,186 |
(–) | (–) | (–) | (–) | (–) | (–) | (441,163) | (441,163) | |||||
Unrealized gain on marketable securities available for sale | – | – | – | – | – | – | – | – | – | (10) | – | (10) |
(–) | (–) | (–) | (–) | (–) | ((1,053)) | (–) | ((1,053)) | |||||
Balance at December 31, 2013 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,971 | 3,654 | 2,766 | (10) | (3,573) | 31,046 |
(216,154) | (1,410,855) | (1,345,935) | (385,095) | (291,508) | ((1,053)) | ((376,558)) | (3,271,936) |
Convertible Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||
Series A | Series B | Series C | Common Stock | |||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||
Balance at December 31, 2011 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,899 | 3,133 | 1,441 | (6) | (11,937) | 20,840 |
(216,154) | (1,410,855) | (1,345,935) | (330,186) | (151,866) | ((632)) | ((1,258,040)) | (2,196,324) | |||||
Stock-based compensation | – | – | – | – | – | – | – | – | 524 | – | – | 524 |
(–) | (–) | (–) | (–) | (55,225) | (–) | (–) | (55,225) | |||||
Common stock issued in connection with stock option exercises | – | – | – | – | – | – | 5 | 2 | – | – | – | 2 |
(–) | (–) | (–) | (211) | (–) | (–) | (–) | (211) | |||||
Common stock issued in connection with the restricted stock purchase agreement | – | – | – | – | – | – | 6 | 57 | – | – | – | 57 |
(–) | (–) | (–) | (6,007) | (–) | (–) | (–) | (6,007) | |||||
Net income | – | – | – | – | – | – | – | – | – | – | 4,178 | 4,178 |
(–) | (–) | (–) | (–) | (–) | (–) | (440,319) | (440,319) | |||||
Unrealized gain on marketable securities available for sale | – | – | – | – | – | – | – | – | – | 6 | – | 6 |
(–) | (–) | (–) | (–) | (–) | (632) | (–) | (632) | |||||
Balance at December 31, 2012 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,910 | 3,192 | 1,965 | – | (7,759) | 25,607 |
(216,154) | (1,410,855) | (1,345,935) | (336,404) | (207,091) | (–) | ((817,721)) | (2,698,718) | |||||
Stock-based compensation | – | – | – | – | – | – | – | – | 667 | – | – | 667 |
(–) | (–) | (–) | (–) | (70,296) | (–) | (–) | (70,296) | |||||
Tax benefit from stock compensation | – | – | – | – | – | – | – | – | 96 | – | – | 96 |
(–) | (–) | (–) | (–) | (10,117) | (–) | (–) | (10,117) | |||||
Common stock issued in connection with stock option exercises | – | – | – | – | – | – | 30 | 6 | – | – | – | 6 |
(–) | (–) | (–) | (632) | (–) | (–) | (–) | (632) | |||||
Common stock issued in connection with the restricted stock purchase agreement | – | – | – | – | – | – | 31 | 456 | – | – | – | 456 |
(–) | (–) | (–) | (48,059) | (–) | (–) | (–) | (48,059) | |||||
Net income | – | – | – | – | – | – | – | – | – | – | 4,299 | 4,299 |
(–) | (–) | (–) | (–) | (–) | (–) | (453,071) | (453,071) | |||||
Unrealized gain on marketable securities available for sale | – | – | – | – | – | – | – | – | – | (7) | – | (7) |
(–) | (–) | (–) | (–) | (–) | ((737)) | (–) | ((737)) | |||||
Balance at December 31, 2013 | 2,734 | 2,051 | 17,900 | 13,387 | 11,807 | 12,771 | 11,971 | 3,654 | 2,728 | (7) | (3,460) | 31,124 |
(216,154) | (1,410,855) | (1,345,935) | (385,095) | 287,504 | ((737)) | ((364,650)) | (3,280,156) |
Years Ended December 31, | Years Ended December 31, | |||||||
2012 | 2013 | |||||||
US$ | JPY | US$ | JPY | |||||
Cash flows from operating activities | ||||||||
Net income | 4,178 | 440,319 | 4,186 | 441,162 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 464 | 48,900 | 530 | 55,856 | ||||
Amortization of deferred financing costs | 10 | 1,053 | – | – | ||||
Loss from the disposal of fixed assets | 79 | 8,325 | – | – | ||||
Stock-based compensation | 581 | 61,231 | 1,134 | 119,512 | ||||
Amortization of premium/discount on marketable securities | 107 | 11,276 | 333 | 35,094 | ||||
Deferred taxes | 2,434 | 256,519 | 2,196 | 231,436 | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable from collaborations with a related party | 3,551 | 374,239 | (1,764) | (185,907) | ||||
Prepaid expenses and other current assets | (1,037) | (109,289 | ) | (909) | (95,799) | |||
Accounts payable | (1,949) | (205,405 | ) | (102) | (10,749) | |||
Accrued liabilities | 1,315 | 138,587 | 3,154 | 332,400 | ||||
Accrued compensation | 778 | 81,993 | 924 | 97,380 | ||||
Deferred rent and lease incentives | 48 | 5,058 | (268) | (28,244) | ||||
Deferred revenue from collaborations with a related party | 570 | 60,072 | (2,316) | (244,083) | ||||
Other assets | 117 | 12,330 | 121 | 12,753 | ||||
Net cash provided by operating activities | 11,246 | 1,185,208 | 7,219 | 760,811 | ||||
Cash flows from investing activities | ||||||||
Purchases of marketable securities available for sale | (15,580) | (1,641,976 | ) | (23,217) | (2,446,839) | |||
Maturities of marketable securities available for sale | 12,163 | 1,281,858 | 17,135 | 1,805,857 | ||||
Additions to property and equipment | (326) | (34,357 | ) | (500) | (52,695) | |||
Net cash used in investing activities | (3,743) | (394,475 | ) | (6,582) | (693,677) | |||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common stock | 2 | 210 | 6 | 632 | ||||
Restricted investments income | (13) | (1,370 | ) | – | – | |||
Payments for deferred offering costs | (613) | (64,604 | ) | (3,412) | (359,590) | |||
Excess tax benefit from stock-based compensation | – | – | 123 | 12,962 | ||||
Net cash used in financing activities | (624) | (65,764 | ) | (3,283) | (345,996) | |||
(Decrease) increase in cash and cash equivalents | 6,879 | 724,969 | (2,646) | (278,862) | ||||
Cash and cash equivalents – beginning of year | 9,760 | 1,028,606 | 16,639 | 1,753,584 | ||||
Cash and cash equivalents – end of year | 16,639 | 1,753,584 | 13,993 | 1,474,722 | ||||
Supplemental disclosure | ||||||||
Cash paid for interest | 420 | 44,263 | – | – | ||||
Cash paid for income taxes | 151 | 15,913 | 828 | 87,262 | ||||
Restriction of investments as collateral | 5,750 | 605,992 | (5,759) | (606,941) | ||||
Unpaid deferred offering costs | – | – | 937 | 98,750 |
Years Ended December 31, | Years Ended December 31, | |||||||
2012 | 2013 | |||||||
US$ | JPY | US$ | JPY | |||||
Cash flows from operating activities | ||||||||
Net income | 4,178 | 440,319 | 4,299 | 453,071 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 464 | 48,900 | 531 | 55,962 | ||||
Amortization of deferred financing costs | 10 | 1,053 | – | – | ||||
Loss from the disposal of fixed assets | 79 | 8,325 | – | – | ||||
Stock-based compensation | 581 | 61,231 | 1,123 | 118,353 | ||||
Amortization of premium/discount on marketable securities | 107 | 11,276 | 332 | 34,989 | ||||
Deferred taxes | 2,434 | 256,519 | 2,274 | 239,656 | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable from collaborations with a related party | 3,551 | 374,239 | (1,562) | (164,619) | ||||
Prepaid expenses and other current assets | (1,037) | (109,289 | ) | (443) | (46,687) | |||
Accounts payable | (1,949) | (205,405 | ) | (102) | (10,749) | |||
Accrued liabilities | 1,315 | 138,587 | 2,650 | 279,283 | ||||
Accrued compensation | 778 | 81,993 | 856 | 90,213 | ||||
Deferred rent and lease incentives | 48 | 5,058 | (264) | (27,822) | ||||
Deferred revenue from collaborations with a related party | 570 | 60,072 | (2,570) | (270,852) | ||||
Other assets | 117 | 12,330 | 122 | 12,857 | ||||
Net cash provided by operating activities | 11,246 | 1,185,208 | 7,246 | 763,655 | ||||
Cash flows from investing activities | ||||||||
Purchases of marketable securities available for sale | (15,580) | (1,641,976 | ) | (23,217) | (2,446,839) | |||
Maturities of marketable securities available for sale | 12,163 | 1,281,858 | 17,136 | 1,805,963 | ||||
Additions to property and equipment | (326) | (34,357 | ) | (500) | (52,695) | |||
Net cash used in investing activities | (3,743) | (394,475 | ) | (6,581) | (693,571) | |||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common stock | 2 | 210 | 6 | 632 | ||||
Restricted investments income | (13) | (1,370 | ) | – | – | |||
Payments for deferred offering costs | (613) | (64,604 | ) | (3,412) | (359,590) | |||
Excess tax benefit from stock-based compensation | – | – | 96 | 10,117 | ||||
Net cash used in financing activities | (624) | (65,764 | ) | (3,310) | (348,841) | |||
(Decrease) increase in cash and cash equivalents | 6,879 | 724,969 | (2,645) | (278,757) | ||||
Cash and cash equivalents – beginning of year | 9,760 | 1,028,606 | 16,639 | 1,753,584 | ||||
Cash and cash equivalents – end of year | 16,639 | 1,753,584 | 13,994 | 1,474,827 | ||||
Supplemental disclosure | ||||||||
Cash paid for interest | 420 | 44,263 | – | – | ||||
Cash paid for income taxes | 151 | 15,913 | 828 | 87,262 | ||||
Restriction of investments as collateral | 5,750 | 605,992 | (5,759) | (606,941) | ||||
Unpaid deferred offering costs | – | – | 937 | 98,750 |
FY 2012 | FY2013 | |||
Numerator: | ||||
Net Income (US$ in thousands (JPY in thousands) | 4,178 (440,319) | 4,186 (441,162) | ||
Net income attributable to participating securities (US$ in thousands (JPY in thousands) | 3,056 (322,071) | 3,056 (322,071) | ||
Net income attributable to common shareholders (US$ in thousands (JPY in thousands) | 1,122 (118,247) | 1,130 (119,090) | ||
Denominator: | ||||
Basic weighted average shares of common stock outstanding (shares) | 11,900,886 | 11,963,875 | ||
Dilutive effect of exercise of stock options (shares) | 256,574 | 390,934 | ||
Diluted weighted average shares of common stock outstanding (shares) | 12,157,460 | 12,354,809 | ||
Basic net income per share (common stock) (US$ (JPY)) | 0.09 (9) | 0.09 (9) | ||
Diluted net income per share (common Stock) (US$ (JPY)) | 0.09 (9) | 0.09 (9) |
• | On February 10, 2014, we completed our IPO whereby we sold 9,200,000 shares of common stock at $17.72 per share and received net proceeds of $143,100,000 (JPY 15,081,309,000) (after underwriting discounts and commissions and estimated offering costs not yet paid as of December 31, 2013; |
FY 2012 | FY2013 | |||
Numerator: | ||||
Net Income (US$ in thousands (JPY in thousands) | 4,178 (440,319) | 4,299 (453,071) | ||
Net income attributable to participating securities (US$ in thousands (JPY in thousands) | 3,056 (322,071) | 3,138 (330,713) | ||
Net income attributable to common shareholders (US$ in thousands (JPY in thousands) | 1,122 (118,247) | 1,161 (122,357) | ||
Denominator: | ||||
Basic weighted average shares of common stock outstanding (shares) | 11,900,886 | 11,963,875 | ||
Dilutive effect of exercise of stock options (shares) | 256,574 | 390,934 | ||
Diluted weighted average shares of common stock outstanding (shares) | 12,157,460 | 12,354,809 | ||
Basic net income per share (common stock) (US$ (JPY)) | 0.09 (9) | 0.10 (10) | ||
Diluted net income per share (common Stock) (US$ (JPY)) | 0.09 (9) | 0.09 (9) |
• | On February 10, 2014, we completed our IPO whereby we sold 9,200,000 shares of common stock at $17.72 per share and received net proceeds of $143,100,000 (JPY 15,081,309,000) (after underwriting discounts and commissions and estimated offering costs, including those not yet paid as of December 31, 2013; |